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Joint Bookrunner

First Mid Bancshares, Inc.

$96 Million 10/06/2020 Depository Complete
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Transaction Details

  • On October 6, 2020, First Mid Bancshares, Inc. (Nasdaq: FMBH) (the “Company”), the holding company for First Mid Bank & Trust, National Association, closed its $96.0 million public offering of Fixed-to-Floating Rate Subordinated Notes (the “Notes”) due 2030
  • The Notes bear a fixed rate of 3.95% for the first 5 years and a floating rate equal to a benchmark rate (expected to be Three-Month Term SOFR) plus 383 basis points thereafter, until the Notes mature on October 15, 2030
  • The Company will have the option to redeem the Notes on or after October 15, 2025
  • Net proceeds are expected to be used to fund a portion of the proposed acquisition of LINCO and for general corporate purposes
  • Kroll Bond Rating Agency rated the Notes BBB

About the company

First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc. and First Mid Wealth Management Co. First Mid is a $4.5 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois and eastern Missouri and a loan production office in the greater Indianapolis area. Together, the First Mid team takes great pride in their work and their ability to serve their customers well over the last 155 years. More information about the Company is available on their website at www.firstmid.com.

Sources: Company Filings.
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  2. The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from Stephens Inc.’s Fixed Income Syndicate Desk, at Stephens Inc., 111 Center Street, Little Rock, AR 72201, ATTN: Fixed Income Syndicate Desk, or from the Securities and Exchange Commission’s website at www.sec.gov at the following link:

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